MIRA INFORM REPORT

 

 

Report No. :

508143

Report Date :

12.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SHALFIN TRADING CO WLL

 

 

Registered Office :

Ain Khalid, Al Khuraij Street, Umm Sa'id (Mesaieed), P O Box: 4672, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

25.03.2009

 

 

Com. Reg. No.:

41961, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Import and distribution of fast moving consumer good, including garbage bins and clinical waste. Subject is also involved in waste management, travel and tours, transport, footwear manufacturing, detergents and registered limousine services.

 

 

No. of Employees :

75

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Qatar

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

QATAR - ECONOMIC OVERVIEW

 

Qatar’s oil and natural gas resources are the country’s main economic engine and government revenue source, driving Qatar’s high economic growth and per capita income levels, robust state spending on public entitlements, and booming construction spending, particularly as Qatar prepares to host the World Cup in 2022. Although the government has maintained high capital spending levels for ongoing infrastructure projects, low oil and natural gas prices in recent years have led the Qatari Government to tighten some spending to help stem its budget deficit.

Qatar’s reliance on oil and natural gas is likely to persist for the foreseeable future. Proved natural gas reserves exceed 25 trillion cubic meters - 13% of the world total and, among countries, third largest in the world. Proved oil reserves exceed 25 billion barrels, allowing production to continue at current levels for about 56 years. Despite the dominance of oil and natural gas, Qatar has made significant gains in strengthening non-oil sectors, such as manufacturing, construction, and financial services, leading non-oil GDP to steadily rise in recent years to just over half the total.

Following trade restriction imposed by Saudi Arabia, the UAE, Bahrain, and Egypt in 2017, Qatar established new trade routes with other countries to maintain access to imports.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : SHALFIN TRADING CO WLL

Country of Origin                                   : Qatar

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 25th March 2009

Commercial Registration Number           : 41961, Doha

Issued Capital                                       : QR 200,000

Paid up Capital                                     : QR 200,000

Total Workforce                                                : 75

Activities                                               : Distributors of fast moving consumer goods

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

SHALFIN TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Ain Khalid, Al Khuraij Street, Umm Sa'id (Mesaieed)

 

PO Box                        : 4672

 

Town                : Doha

Country             : Qatar

 

Telephone         : (974) 44515048

Facsimile          : (974) 44503756

Mobile              : (974) 55464573 / 74040106 / 55321109 / 74462763

Email                : md@shalfin.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Doha.

 

Branch Office (s)

 

     Location                                                                                                       Description                  

 

·       Muazier Area                                                                                                Office premises

Tel: (974) 44775225

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                Position

 

·       Abdul Nasser Kannancheeri                           Indian                                       Managing Director

 

·       Ghanim Nasser O Al Qubaisi Qatari               Qatari                                       Director

 

·       Neyaz Kannancheeri                                           -                                          Accounting Manager

 

·       Haris Koyappathodika                                      -                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 25th March 2009

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 41961, Doha

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)

 

·       Abdul Nasser Kannancheeri  

      

·       Ghanim Nasser O Al Qubaisi

 

 

AFFILIATED COMPANIES

 

·       Shalfin Trading & Contracting Co

Doha

 

·       Shalfin Limousine Co

Doha

 

·       Shalfin Travel & Tour

Doha

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fast moving consumer good, including garbage bins and clinica waste. Subject is also involved in waste management, travel and tours, transport, footwear manufacturing, detergents and registered limousine services.

 

Import Countries: India, China and Italy

 

International Suppliers:

 

·       Sulson Ltd               India

·       Shenzhen Ltd           China

·       Jco Plastic               Italy

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                    Year Ending 31/12/16:              Year Ending 31/12/17:

 

Total Sales                    QR 19,350,000                          QR 20,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Qatar Ltd (QSC)

Salwa Road

PO Box: 3232

Doha

Tel: (974) 44490222

Fax: (974) 44438182

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

The subject and its shareholders/owners have been searched in the following databases; Office of Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse could be found on the exact names listed within the report.

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.22

UK Pound

1

INR 90.88

Euro

1

INR 80.09

QAR

1

INR 18.51

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.